Injective Protocol (INJ) Token Pumps on Ecosystem Upgrade, Spikes 100%

UTC by Steve Muchoki · 2 min read
Injective Protocol (INJ) Token Pumps on Ecosystem Upgrade, Spikes 100%
Photo: Depositphotos

Injective Protocol (INJ) coin has gained approximately 46 percent, and 29.9 percent in the past fourteen days and seven days respectively. 

Binance and Mark Cuban-backed Injective Protocol (INJ) coin spiked over 100 percent last week following interesting updates by the developers. According to market data provided by TradingView and CoinGecko, INJ USD derivatives jumped from trading below $5 to above $9.5 last Friday.

However, the volatility declined over the weekend, whereby the asset stabilized around the current price value, $6. The interoperable layer 1 protocol, Injective, is optimized for building cross-chain Web3 decentralized financial applications.

A Closer Look at Injective Protocol (INJ)

Among the notable Injective ecosystem, updates include ATOM Perpetual Futures getting listed on Injective Pro. Following last week’s spike, the Injective Protocol (INJ) coin has gained approximately 46 percent, and 29.9 percent in the past fourteen days and seven days respectively.

However, the asset is down approximately 61 percent and 12.1 percent in the past year and 30 days respectively through Monday.

As of press time, the INJ coin traded around $6.81 with a market capitalization of approximately $297,469,976. The average trading volume in the past 24 hours oscillated around $74 million.

In the January community update, Injective noted that Injective Bridge V2, first INJ Perpetuals, yield farming on Solana, and Swag Shop are the main highlights for users to expect soon.

The crypto market can perhaps be regarded as an immature market that may take another decade for mass adoption. Nevertheless, it is still a topic of discussion. Injective Protocol comes in as a DeFi platform that eliminates all trading barriers in the market. Mind you it is open 24 hours a week, whereby users have access to over 20x leverage. Of note, users access the market with zero gas fees.

Crypto Roundup

The total crypto market cap has stabilized at around $2 trillion in the past few weeks. Consequently, analysts see a multi-week consolidation that might take the next few years to break out.

Meanwhile, adoption and development are expected to take center stage. With more countries acting to regulate the crypto market, more selling pressure is expected in the near term future.

According to CoinGecko, Bitcoin traded around $42k, Eth exchanged hands around $2,889, BNB around $398, XRP around $0.78, and ADA around $1.04.

As more institutional and retail investors shift towards the crypto market, the Bitcoin mining hash rate has significantly increased in the past few weeks. According to metrics provided by Bitinfocharts.com, the average hashrate (hash/s) per day stands around 220.26 Ehash/s, an all-time high.

Meanwhile, Ethereum’s average transaction fee is at historical lows following the previous upgrades including EIP-1559.

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Steve Muchoki

Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!

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